i-Miliki is one of the notable initiatives introduced by the government for first-time homebuyers in Malaysia. It has been widely applauded by Malaysians, particularly those from the M40 group who are affected by the current economic conditions. The initiative aims to assist them in covering the costs associated with owning their first home.
This effort has not only been positively received by Malaysians but has also garnered positive responses from property developers, especially in encouraging homeownership among younger people.
Through this initiative, eligible first-time home buyers are entitled to a stamp duty exemption for properties valued at RM500,000 and below.
Meanwhile, for properties priced between RM500,001 and RM1 million, home buyers can benefit from a 75% stamp duty exemption. This incentive is applicable to first-time home buyers from June 2022 to December 31, 2023.
Nursyahirah Zainuddin, 30, an entrepreneur, expressed that the i-Miliki initiative is helping to somewhat ease the financial load for first-time home buyers, which includes expenses like legal fees.
“It’s a good thing and should be continued. However, the government should also consider expanding the i-Miliki initiative to include buyers of sub-sale properties. I think they (govt) should extend this initiative not just for first-time homeowners.”
Hafiz, 34, an engineer, warmly supports the government’s effort to provide stamp duty exemptions for first-time home buyers. He believes that i-Miliki has helped him in his journey to owning his first home.
“It’s not a small amount, the government is giving a significant amount of stamp duty exemptions,” he said, having recently purchased a home in Puncak Alam.
“The government should actively promote this benefit since most young individuals aspiring to own a home are unaware of its existence. If the government does more to spread this news, it can attract a greater number of young individuals to invest in their first home. I hope i-Miliki keeps going for a long time and doesn’t stop at the end of this year,” he added.
Muhammad Amerol Anas, 35, a restaurant owner who is planning to purchase his first home, expressed his approval for this initiative during an interview.
“It’s a helpful thing that makes purchasing a house easier for us, especially for people with lower incomes who have wanted a home for a long time. I appreciate the government’s efforts in granting this stamp duty exemption. My family and I have been renting, and we’re planning to buy a home, but finances have held us back. Buying a home is a big and lasting commitment,” he shared.
First-time homebuyers can easily apply for i-Miliki. All that is required is to download the Statutory Declaration of 10% House Price Discount and the Statutory Declaration of First-Time Homebuyer and fill in all the details.
Subsequently, applicants need to upload the completed documents, which should be submitted alongside the stamp duty application to the Inland Revenue Board (LHDN) online at https://stamps.hasil.gov.my. Applications will be processed within 15 working days from the date of submission.
For further information about i-Miliki, you can visit the website www.kpkt.gov.my.